December 26, 2024 11:30 pm (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Instagram influencer and freelance RJ Simran Singh dies by suicide in Gurugram | Anna University sexual assault case: Accused is a DMK worker, claims BJP's Annamalai | Celebrities too responsible for crowd control: Telangana CM Revanth Reddy to Telugu filmdom amid Pushpa 2 stampede row | Boat capsizes off Calangute Beach in Goa; 1 killed, 20 rescued | Canada announces change to immigration system, likely to impact Indians seeking permanent residence | Azerbaijan Airlines tragedy: 32 passengers rescued, flight attempted several emergency landing before crashing | Man sets himself on fire near Parliament building; locals, police rush him to hospital | Azerbaijan Airlines passenger plane enroute to Russia with over 70 people onboard crashes in Kazakhstan | Atishi will be arrested in fake case, claims Arvind Kejriwal after Delhi govt disowns health and women's schemes | Delhi govt departments disown Arvind Kejriwal's major poll promises, AAP chief reacts
Adani Group
Photo Courtesy: Wallpaper Cave

Adani Group delays $1.5 billion worth 20-year Green Bond sale as investors bid at higher yields

| @indiablooms | Oct 16, 2024, at 10:53 pm

Ahmedabad/IBNS: The Gautam Adani-led conglomerate Adani Group decided to delay a planned sale of 20-year green dollar bonds on Tuesday (Oct. 15), despite marketing the deal to investors earlier in the day, reports Bloomberg.

Units of Adani Green Energy Ltd., part of the group’s clean-energy business, had been offering the bonds, with a final price guidance set at 7 percent, Bloomberg reported, citing a source familiar with the development.

However, the deal was postponed later on Tuesday, and the funds were originally intended to repay foreign-currency loans.

According to the Bloomberg report, another source indicated that Adani plans to revisit the bond sale after the US election in November.

An official spokesperson for Adani Group was not immediately available for comment after business hours in India.

This decision comes as Adani Enterprises Ltd., the conglomerate's flagship company, is looking to raise around $500 million through a share sale to institutional investors.

The conglomerate, which spans sectors from media to mining, has been focusing on growth after recovering from a 2023 short-seller report by Hindenburg Research, which led to a more than $150 billion plunge in Adani Group stock values.

Since the Hindenburg report, Adani executives have been working to restore investor confidence by reducing debt, advancing major projects, and sharing more details about the group’s future plans, including Gautam Adani’s retirement strategy.

The conglomerate has consistently denied the allegations made by the short-seller.

Adani Group may proceed with the $1.5 billion bond sale by the end of February, likely through Adani Green Energy, Adani Energy Solutions Ltd., and special purpose vehicles, sources told Bloomberg.

Dollar bond sales by Indian companies have surged to their highest levels in three years, with firms raising approximately $10 billion in 2024. Spreads on debt from Asian investment-grade borrowers are nearing record lows, as per a Bloomberg index.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.